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ECON 3080-006 Intermediate Macroeconomic Theory

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ECON 3080-006 Intermediate Macroeconomic Theory
ECON 3080-006
Intermediate Macroeconomic Theory
Spring 2016
Syllabus
Lecture: TuTh 3:30 pm - 4:45 pm, HLMS 267
Instructor: Javier Andres Santiago
Office: ECON 307
Office Hours: Wednesdays 8:00 am - 10:00 am
Email: [email protected]
Course Website
Accessed through D2L (learn.colorado.edu). Check it regularly for handouts, practice questions,
grades, etc.
Course Description
Macroeconomics studies the determination of aggregate economic activity in a country or region.
Topics such as long-run economic growth, short-run fluctuations, unemployment, or inflation, are at
the core of the macroeconomics field.
During this semester we will study those topics, already introduced in your Principles course, from
a mathematical perspective, but paying close attention to economic intuitions. We will start by
exploring theories of long-run economic activity, including economic growth, the labor market, and
the determination of prices. The second part of the course will be devoted to the study of short-run
issues. In particular, we will examine how and why the level of economic activity can fluctuate around
its long-run trend, and what policy options are available to stabilize the economy. Finally, in the third
and last part of the course, we will look at the microfoundations of the macro models developed in
the first two parts, as well as some issues concerning the determination of economic activity for open
economies (trade deficits, exchange rates, etc.).
This course will serve as a bridge between your Principles classes and more advanced macroeconomics
courses such as Economic Growth or International Finance, to name a couple of examples. It will
also allow you to intelligently think about and discuss macroeconomic and policy issues like the Great
Recession that began in 2008 (still on in some countries) and how governments and central banks can
act to stabilize the economy, or why some countries are rich while others are poor (perhaps the most
important issue studied by economists).
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Prerequisites
• Economics prerequisites: ECON 1000 or 2020.
• Mathematics prerequisites: ECON 1078 and 1088, or MATH 1300 or MATH 1310 or MATH
1081 or MATH 1080 and 1090 and 1100 or APPM 1350, or equivalent.
The department enforces prerequisites. Students without appropriate prerequisites may be administratively dropped. If you have any concerns about your math/economic preparation for this course,
please come and talk to me ASAP and we can discuss whether this class is right for you.
Textbook
Required: Charles I. Jones (2014). Macroeconomics, W. W. Norton & Company, 3rd Edition.
If you already have the 2nd edition, it is fine with me if you decide to use that one. However, the
course will be based on the 3rd edition, so you might want to check with one of your classmates or
with me in office hours to see how the chapters line up.
Lectures
During lectures we will study the theoretical models macroeconomists design to explain real-world
facts as well as the empirical evidence that is used to test whether the models are good or not. I will
make use of the blackboard to develop the theoretical models and give you examples of how to use
them. For the empirical evidence, I will point to the relevant graphs and tables in the textbook.
Attendance will be mandatory for the first three classes. Students may be administratively dropped
for non-attendance of the first three classes. From the fourth lecture on, I will not take attendance.
However, it is highly recommended that you attend lectures, since I will not post or distribute my
class notes. If you miss some lectures, it is your responsibility to contact a classmate to get the notes
corresponding to the missed lecture(s).
Practice Questions
While this is a theory course, understanding all the models we will discuss this semester requires a lot of
practice. That’s why I will regularly post practice questions that will enhance that understanding and
will also get you accustomed to the kind of questions I will ask in the exams. Note that these practice
sets are not homework assignments that you have to turn in for a grade (see the next subsection for
the grading criteria). But the more you work on them, the easier it will be for you to do well in this
course. Note also that I will solve those practice questions in class, but I will not distribute answer
keys.
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Grading
Your final grade will be based on 2 midterm examinations and a final examination. Your numerical
(0-100) grade will be the result of applying the following weights:
Assignment
Weight
Date
Midterm 1
30%
Thursday, February 25 (class time)
Midterm 2
30%
Thursday, April 7 (class time)
Final exam
40%
Thursday, May 5, 1:30-4:00 pm
Your numerical final grade will be translated into a letter grade according to the following schedule
(with the numerical final grade denoted by x):
Numerical grade
Letter grade
Numerical grade
Letter grade
94 ≤ x ≤ 100
A
73 ≤ x < 77
C
90 ≤ x < 94
A-
70 ≤ x < 73
C-
87 ≤ x < 90
B+
67 ≤ x < 70
D+
83 ≤ x < 87
B
63 ≤ x < 67
D
80 ≤ x < 83
B-
60 ≤ x < 63
D-
77 ≤ x < 80
C+
x < 60
F
Example: suppose that you get the following grades in the exams: Midterm 1 (72), Midterm 2 (85),
Final Exam (82). Then, your numerical final grade would be calculated as follows:
0.3 × 72 + 0.3 × 85 + 0.4 × 82 = 79.9
So, your numerical final grade would be 79.9 in this case. According to the table above, this would
correspond to a letter grade of C+. Note: I don’t care how close 79.9 is to 80. If your exam grades
happen to yield a numerical final grade of 79.9 like in the example, that is your numerical final grade.
Exam policies
All exams (midterms and final) will take place in our classroom (HLMS 267). Please do not be late for
any of those. Being late can be distracting for your classmates and you will have less time to complete
the corresponding exam.
I will not give any early or make-up exams. In the case that you have to miss any of the midterms
because of a family or medical emergency, and only if you provide documentation to justify that
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absence, the weight for the corresponding midterm will be added to the final exam. In all other cases,
a missed exam will result in a grade of zero for that exam.
The final exam cannot be missed under any circumstances. By enrolling in this section (ECON
3080-006) you accept the final exam date set by the University for classes that meet Tuesdays and
Thursdays starting at 3:30pm (Thursday, May 5, 1:30-4:00 pm). However, University policy provides
students with three or more exams on the same day the right to reschedule exams following the first
two. Also, when students have two final exams scheduled to meet at the same time, they are entitled
to arrange an alternative examination time for the later course offered that day or week. To qualify
for rescheduling final exam times, you must provide evidence that you have three or more exams on
the same day, or that you have two exams at the same time, and arrangements must be made with
me by the deadline to drop a course without dean and instructor’s permission in the tenth week of
the semester. I will ask for a printed copy of your schedule to verify the conflict.
During all the exams (midterms and final), the use of calculators will be unnecessary, so do not bring
one. If I ask for any calculations, these will be easy enough. The only thing you will need for exams
will be something to write (pen or pencil). I will provide paper.
Cheating in any of the exams is unacceptable. Any cheating instances will result in a grade of zero
and a report to the Honor Code Council.
Other class policies
Email
If you have any questions about the material, send me an email. Sometimes it will be more effective
to discuss those questions in office hours. If that is the case, I will ask you to come to my office. I will
try to respond all emails within 24 hours.
If you have any administrative issues covered in the syllabus, please check it before asking me. If after
checking the syllabus you still have any questions, come directly to my office during office hours. I
will not answer administrative questions over the email.
Due to Federal regulations, we are not allowed to discuss grades over the email. If you have any
questions about grades, check first the syllabus for grading policies. If after checking the syllabus
there are any remaining questions, come to my office during office hours.
Office hours
At the top of this syllabus you can find when and where my office hours take place. If you cannot make
it at any of those times, send me an email and we can set up an appointment outside those hours. To
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make things more efficient, send me a list of the times you can meet at for the corresponding week
and I will do my best to set up an appointment at any of those.
Laptops/electronic devices
Laptops or other electronic devices are not allowed in class. The only things you need to bring to
lectures are something to write (pen, pencil) and paper.
Tentative schedule
Week
Topic
Chapter(s)
1
Introduction and Math Review
1-3
2
Production and Growth
3-4
3
The Solow Model
5
4
The Romer Model
6
5
Labor
7
6
Inflation
8
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MIDTERM 1 - Thursday Feb. 25 during class time
1-8
8
Intro to the Short Run
9
The IS Curve
11
The IS Curve
11
Monetary Policy and the Phillips Curve
12
Monetary Policy and the Phillips Curve
12
Stabilization and the AS/AD Model
13
9
10
11
SPRING BREAK - NO CLASSES
12
The Great Recession
10, 14
13
MIDTERM 2 - Thursday Apr. 7 during class time
9-14
14
Consumption
16
Investment
17
Government
18
Open Economies
19-20
16
Open Economies
19-20
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FINAL EXAM (Thursday May 5, 1:30-4:00 pm)
ALL
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Note that the midterms are not cumulative, but the final exam is. As indicated in the table above,
Midterm 1 will test you on chapters 1-8, while Midterm 2 will test you on chapters 9-14. The final
exam will test you on all chapters covered during the semester.
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University policies
Honor code
All students of the University of Colorado at Boulder are responsible for knowing and adhering to the
academic integrity policy of this institution. Violations of this policy may include: cheating, plagiarism, aid of academic dishonesty, fabrication, lying, bribery, and threatening behavior. All incidents
of academic misconduct shall be reported to the Honor Code Council ([email protected]; 303-7352273). Students who are found to be in violation of the academic integrity policy will be subject to both
academic sanctions from the faculty member and non-academic sanctions (including but not limited to
university probation, suspension, or expulsion). Other information on the Honor Code can be found at
http://www.colorado.edu/policies/honor.html and at http://www.colorado.edu/academics/honorcode/.
Discrimination and Harassment
The University of Colorado at Boulder Discrimination and Harassment Policy and Procedures, the
University of Colorado Sexual Harassment Policy and Procedures, and the University of Colorado
Conflict of Interest in Cases of Amorous Relationships Policy apply to all students, staff, and faculty.
Any student, staff, or faculty member who believes s/he has been the subject of sexual harassment or
discrimination or harassment based upon race, color, national origin, sex, pregnancy, age, disability,
creed, religion, sexual orientation, gender identity, gender expression or veteran status should contact
the Office of Discrimination and Harassment (ODH) at 303-492-2127, or the Office of Student Conduct
(OSC) at 303-492-5550. Information about the ODH, the above referenced policies, and the campus
resources available to assist individuals regarding discrimination or harassment can be obtained at
http://www.colorado.edu/odh.
Classroom Behavior Policy
Students and faculty each have responsibility for maintaining an appropriate learning environment.
Those who fail to adhere to such behavioral standards may be subject to discipline. Professional courtesy and sensitivity are especially important with respect to individuals and topics dealing with differences of race, color, culture, religion, creed, politics, veteran’s status, sexual orientation, gender, gender
identity, and gender expression, age, disability, and nationalities. Class rosters are provided to the instructor with the student’s legal name. I will gladly honor your request to address you by an alternate
name or gender pronoun. Please advise me of this preference early in the semester so that I may make
appropriate changes to my records. See policies at http://www.colorado.edu/policies/classbehavior.html
and at http://www.colorado.edu/studentaffairs/judicialaffairs/code.html#student code.
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Students with Disabilities
If you qualify for accommodations because of a disability, please submit to me a letter from Disability
Services in a timely manner so that your needs be addressed. Disability Services determines accommodations based on documented disabilities. Contact: 303-492-8671, Center for Community N200,
and http://www.colorado.edu/disabilityservices.
If you have a temporary medical condition or injury, see guidelines at http://www.colorado.edu/disability
services/go.cgi?select=temporary.html.
Disability Services’ letters for students with disabilities indicate legally mandated reasonable accommodations. The syllabus statements and answers to Frequently Asked Questions can be found at
http://www.colorado.edu/disabilityservices.
Religious Observance Policy
Campus policy regarding religious observances requires that faculty make every effort to deal reasonably and fairly with all students who, because of religious obligations, have conflicts with scheduled
exams, assignments or required attendance. If you have a conflict, please contact me at the beginning of
the term so that we can make proper arrangements. See full details at http://www.colorado.edu/policies/fac
relig.html.
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